At the moment the primary focus stays across the collectibles and artwork facet of this business, an space which already has proven utility for musicians and a pleasant enhance to Audius’s worth. However the potential use-cases for NFTs prolong far past uncommon jpegs. There’s numerous hypothesis round what else this know-how might be used for and one which stands out as significantly promising is that of occasion ticketing. Thus far Audius has actually been advertising and marketing itself as a streaming service but it surely has a protracted method to go earlier than it may well thought-about a substitute for the likes of Spotify and even Soundcloud. It’s nevertheless the primary blockchain venture for musicians, so can be the perfect suited candidate for NFT live performance tickets. With the world beginning to readjust to life post-lockdown, there may be the potential for Audius to make some large strikes on this area.
Leaving the basics to 1 facet, the can be trying good proper now. We’ve had a retest of the prior excessive round 9000 and the retracement is starting to look extra like a consolidation round 5000-6000 resting above the 21 . Upon nearer inspection, the value motion since July additionally resembles that of the beginning of this 12 months, with the current peak comparable to the highest of the primary wave in March. If that is so then we needs to be trying on the potential for an additional large transfer pretty quickly. If it performs out roughly the identical as final time, then a 4x – 5x return on audio/ btc appears fairly believable.
On the draw back, ought to it end up the retracement is much from over, we do have a stable trying trendline presently round 3400, we might anticipate this line getting revisited round or above 4000 earlier than seeing one other large transfer up so i might be taking a look at a purchase zone round there additionally. Clearly a sustained break beneath that might be trigger for concern and warrants severe reconsideration, because it stands although i see this because the least seemingly end result.
Audius is an fascinating venture general, it serves an apparent function that has far broader attraction than the purely tech focus of most blockchain tasks. Moreover it seems to be doing properly for one thing solely a few years previous, with a practical usable product and an increasing userbase. This alone makes it worthy of consideration as a long-term funding, factoring within the present hype round NFTs and up to date worth motion, its trying to be a very good commerce within the close to time period and a very good time to purchase generally.